Smart Data Capture (SpotDraft AI)
Learn how Smart Data Capture utilizes AI to swiftly extract contract key pointers and get concise summaries with justifications.
What is Smart Data Capture?
Smart Data Capture, powered by SpotDraft AI, simplifies the process of extracting key data from your contracts. It utilizes advanced large language model (LLM) and OCR technology for automated data analysis and extraction.
This feature not only streamlines the extraction process but also enhances the searchability of your documents, making it easier to manage executed contracts and other documents within your workflow.
How to extract key pointers from executed contracts with Smart Data Capture
To extract key pointers from your contracts with Smart Data Capture, follow these steps -
Step 1
Access your SpotDraft dashboard and click on the 'New Workflow' button.
Step 2
Select 'Import Executed Contracts' to upload your desired contract from your computer.
Step 3
Opt for 'Smart Import' to enable Smart Data Capture and proceed.
SpotDraft AI will automatically scan and extract key pointers when you choose Smart Import.
Step 4
Upload an executed contract from your computer, or drag and drop PDF files to proceed.
Step 5
Select the contract type from the dropdown and click on ‘Upload’.
Accessing the AI-extracted key pointers
- Go back to your SpotDraft repository and open the recently uploaded contract. You can find the extracted key pointers on the bottom left of your ‘Summary’ screen.
- Go to the ‘Key Pointers’ section on the Summary page of your recently uploaded contract to view the extracted key pointers.
How to extract key pointers from various contract types with Smart Data Capture
To extract key pointers from contracts at any stage of the lifecycle, follow these steps -
Step 1
Go to your SpotDraft dashboard and select a contract from any stage, such as executed, redlining, or awaiting signature.
Step 2
Go to the ‘Key Pointers’ tab of the Contract view and click ‘Extract Data’ to extract critical data using SpotDraft AI.
How to add AI-suggested key pointers to your contract
Smart Data Capture not only extracts key pointers but also provides AI-based suggestions.
Follow these steps to incorporate them into your contract -
Step 1
Open the uploaded contract and switch to the 'Contract' section.
Step 2
Open the ‘Key Pointers’ section on the tooltip strip to view the extracted key pointers.
Step 3
Click on an extracted key pointer and choose 'Smart Finder Recommendations.'
Step 4
To add the AI-suggested key pointer directly to the contract, click the (✅) symbol. This places the key pointer in the corresponding contract section.
Step 5
Alternatively, you can add your own key pointer by clicking on ‘Create Key Pointer’ and saving it. You can also ask SpotDraft AI to generate descriptions for the newly added key pointer.
Supported Contract Types
SpotDraft supports any contract type, including employment agreements, non-disclosure agreements (NDA), service-level agreements (SLA), partnership agreements, void contracts, and more.
Verifying AI-Extracted Key Pointers
While SpotDraft AI provides accurate key pointers, it's essential to verify them for accuracy. Verification ensures accurate reports and search results without errors.
The 'Verify All' feature simplifies this process -
Step 1
Open the uploaded contract and switch to the 'Contract' section.
Step 2
Open the Key Pointers section on the tooltip strip to view the extracted key pointers.
Step 3
Click on the 'Verify All' button to validate all extracted key pointers. Alternatively, you can manually verify the extracted key pointers as well.
What are Smart Finder Recommendations?
Smart Data Capture uses SpotDraft AI to carefully analyze the contents of your contracts and provide accurate recommendations to eliminate errors.
SpotDraft AI utilizes advanced large language models (LLMs) to extract important information from your uploaded contracts, ensuring the highest quality recommendations.
Smart Finder Recommendations displays these suggested key pointers along with the contract reference and a clear explanation, making it easy to review.
You have the option to either accept the recommendation or manually add a relevant key pointer after verifying its accuracy.
What are metadata descriptions?
AI-metadata descriptions in contracts involve the application of artificial intelligence (AI) and machine learning technologies to automatically generate or extract metadata from contract content.
This metadata offers a structured representation of the contract's content, simplifying tasks such as management, search, analysis, and retrieval of contract data.
Here are key aspects of AI-metadata descriptions in contracts -
- Data extraction: AI employs natural language processing to extract specific details like names, dates, and clauses from contracts.
- Metadata generation: Once the relevant data is extracted, AI systems can generate metadata tags or labels for each extracted element. For example, if a contract contains a date, the AI system can generate metadata that identifies it as the "contract effective date."
- Search and retrieval: With AI-metadata descriptions, users can search for specific contract terms or clauses more efficiently. They can use keywords or metadata tags to quickly locate relevant contracts or specific sections within contracts.
- Efficiency and accuracy: By automating the extraction of contract data, AI-metadata descriptions improve the efficiency of contract management and reduce the risk of manual errors.
- Data analytics: Contract metadata can be aggregated and analyzed to gain insights into contract performance, supplier relationships, and other relevant business metrics.
How to edit key pointer descriptions manually
To edit the key pointer descriptions manually, follow these steps -
- Go to ‘Manage’ > ‘Key Pointers’ from your SpotDraft dashboard
- Select the contract type
- To edit the key pointer description, simply click on ‘Edit description’
- Add your own description in the provided box. Alternatively, you can ask SpotDraft AI to generate a description
Types of metadata properties that can be detected
SpotDraft AI detects 1,000+ properties, the out-of-the-box. The two different property types are -
- Contract field: A contract field is a variable element in a contract, like names or amounts, customized for each agreement.
Examples of contract fields include names, addresses, dates, monetary amounts, product descriptions, and any other variable information specific to a particular contract.
- Clause: A clause is a specific section in a contract that outlines terms, obligations, and rights, such as confidentiality or dispute resolution.
Common types of clauses include indemnification clauses, confidentiality clauses, termination clauses, dispute resolution clauses, and governing law clauses.
AI Detected Contract Fields
DESCRIPTION | TYPE |
Alphanumeric text input
Used for names, addresses, or general text info. | String |
Longer text input for descriptions or terms.
Often used for detailed explanations in contracts. | Paragraph |
Calendar date entry for deadlines or durations.
Specifies important dates like contract start or end. | Date |
Time period (days, months, years).
Defines the length of agreements within contracts. | Duration |
Monetary amount input with currency type.
Records prices, fees, or financial obligations. | Currency |
Binary choice for agreement or compliance.
Easily indicates acceptance of terms. | Checkbox |
Select from predefined options.
Useful for choices like payment methods. | Dropdown |
Select multiple options from a list.
Allows for selecting various categories. | Multi- dropdown |
Numeric input for quantities or percentages.
Records numerical data within contracts. | Number |
Basic table of key pointers detected by SpotDraft AI
Key Pointers | Contract Types |
Agreement Titile | All |
Client | All |
Counterparty | All |
Client d/b/a | All |
Term Length | All |
Execution Date | All |
Effective Date | All |
Expiration Date | All |
Payment Term | All |
Payment Frequency | All |
Amount | All |
Termination Notice Period | All |
Notice Period for Renewal/Non- Renewal | All |
Governing Law | All |
Jurisdiction | All |
Arbitration Venue | All |
Place of Execution | All |
Post Execution Status | All |
Publicity | Non- Disclosure Agreements |
Type of NDA | Non- Disclosure Agreements |
Confidentiality Period | Non- Disclosure Agreements |
Billing Frequency | Master Service Agreements |
Frequency of Payment | Master Service Agreements |
Subscription End Date | Master Service Agreements |
Total Subscription Fees | Master Service Agreements |
Subscription Start Date | Master Service Agreements |
Total Users | Master Service Agreements |
Activation Date | Master Service Agreements |
Contact Name | Master Service Agreements |
Contact Email | Master Service Agreements |
Contact Phone Number | Master Service Agreements |
Notice Address | Master Service Agreements |
Name of the Application | Master Service Agreements |
Product Name | Master Service Agreements |
Maximum Hike (%) | Master Service Agreements |
Notice Period for Termination for Convenience | Master Service Agreements |
Notice Period for Termination for Cause | Master Service Agreements |
Annual Compensation | Employment Agreements |
Performance Bonus | Employment Agreements |
Joining Bonus | Employment Agreements |
RSUs | Employment Agreements |
Employment Position | Employment Agreements |
Reporting Manager | Employment Agreements |
Employee's Title | Employment Agreements |
Employment Start Date | Employment Agreements |
Non-Solicitation Period | Employment Agreements |
Employee ID | Experience Letters |
Employee Termination Date | Experience Letters |
Excluded Territories and Customers | Reseller Agreements |
Reseller Name | Reseller Agreements |
Anti-Plagiarism Policy (Link) | Platform Services Agreements |
Nationality | Platform Services Agreements |
Fee (per word) | Platform Services Agreements |
Fee | Platform Services Agreements |
Special Categories of Data | Data Processing Agreements |
Subprocessor change on objection in | Data Processing Agreements |
Audit Notice Period | Data Processing Agreements |
Options vest on the expiry of | Data Processing Agreements |
Option amount | Data Processing Agreements |
Approved Subcontractors | Data Processing Agreements |
Categories of personal data | Data Processing Agreements |
Categories of data subjects | Data Processing Agreements |
Activities relevant to the transfer | Data Processing Agreements |
Supplier's data privacy contact for notices | Data Processing Agreements |
Subject matter of processing | Data Processing Agreements |
Special categories of personal data | Data Processing Agreements |
Supplier's business activities | Data Processing Agreements |
Data processing activities for personal data | Data Processing Agreements |
Attention | Data Processing Agreements |
Email | Data Processing Agreements |
Arbitration Seat | Data Processing Agreements |
Drug Screening | Background Verification MSAs |
Reference Check | Background Verification MSAs |
Client Attention Email | Background Verification MSAs |
ID Verification | Background Verification MSAs |
Address Verification | Background Verification MSAs |
Fee for Employment Verification | Background Verification MSAs |
Criminal Check | Background Verification MSAs |
Employment Verification | Background Verification MSAs |
Criminal record verification fee | Background Verification MSAs |
Drug screening fee | Background Verification MSAs |
Education verification fee | Background Verification MSAs |
Reference verification fee | Background Verification MSAs |
Employment verification fee | Background Verification MSAs |
Address verification fee | Background Verification MSAs |
Reference verification fee | Background Verification MSAs |
Agency Contact Email | Advertiser IOs |
Campaign Name | Advertiser IOs |
Payment Term | Advertiser IOs |
Agency Contact Name | Advertiser IOs |
Agency Finance Contact | Advertiser IOs |
Campaign End Date | Advertiser IOs |
Campaign Start Date | Advertiser IOs |
Agency Finance Contact Email | Advertiser IOs |
Partner's Primary Contact | Influencer Agreements |
Payment Term (Days) | Influencer Agreements |
Platform | Influencer Agreements |
Format | Influencer Agreements |
Territory | Influencer Agreements |
Minimum Target | Influencer Agreements |
Contact Information | Influencer Agreements |
Payment Method | Influencer Agreements |
Contact Person | Influencer Agreements |
Minimum Impressions | Influencer Agreements |
Platforms | Influencer Agreements |
Local Currency | Influencer Agreements |
Email of Customer Success Lead | Enterprise Service Agreements |
Email of Customer Success Manager | Enterprise Service Agreements |
Customer Success Manager's Email | Enterprise Service Agreements |
Customer Success Lead's Email | Enterprise Service Agreements |
Fixed payment term | Enterprise Service Agreements |
Country of incorporation | Enterprise Service Agreements |
Platform uptime | Enterprise Service Agreements |
Currency for cost per transaction | Currency Exchange Agreements |
Account Name | Currency Exchange Agreements |
Bank Name | Currency Exchange Agreements |
Bank IBAN | Currency Exchange Agreements |
Account Number | Currency Exchange Agreements |
Address of the property | Lease Agreements |
Security Deposit | Lease Agreements |
Rent Amount | Lease Agreements |
Lock-in Period | Lease Agreements |
The Smart Data Capture can identify over 1,000 metadata key pointers. The table above showcases just the fundamental set of these key pointers.
Frequently Asked Questions
#1 Which template contracts are excluded from Bulk Smart Data Capture?
Bulk Smart Data Capture does not support Clickthrough, void, on hold, and non-executed template contracts. However, you can manually add information to these excluded contracts from the key pointers panel.
Last updated on October 3, 2023